Investors in Bulgaria

New Vision 3 is a venture capital fund investing in early stage tech-enabled companies working at the forefront of innovation. Our vision is to be the preferred partner to visionary entrepreneurs who add value to the Bulgarian and regional economies. The fund is founded and managed by a seasoned team with a decade of joint track record in start-up and tech investments. We continuously support, commercialize and globalize the regional tech ecosystem. We support founders creating future industry trends in FinTech, AI, Blockchain and Shared Economy.New Vision 3 Fund is co-financed by the European Structural and Investment Funds under the Operational Programme for Innovation and Competitiveness 2014-2020 managed by the Fund of Funds in Bulgaria

Oriens is a private equity firm specializing in providing growth and expansion capital at middle market stages. It also specializes in making investments for bolt-on acquisitions. The firm seeks to invest in manufacturing, services, business services, healthcare, media, retail, financial services, macroeconomics, information and communication technology services, energy, and environmental services sectors. The firm typically invests in Central Eastern European businesses with a focus on Czech Republic, Hungary, Slovakia, South Poland, Moldova, Romania, and Bulgaria. It seeks to invest between €2 million ($2.23 million) and €15 million ($16.75 million) in companies with enterprise value between $10 million and $15 million. The firm invests for a period of three to five years. It invests through equity or equity-type securities via capital increases and in some cases, partial buyout of shares. It takes a prudent approach to debt in its transactions. The firm invests in companies where the original owners retain a stake. It acquires controlling stakes in its portfolio companies and takes a seat on their Boards. The firm prefers to take majority positions in its portfolio companies. It also prefers to make follow-up acquisitions and integrate the portfolio companies onto the platform. It provides capital to increase capacity, develop and roll-out a service offering or a product, finance add-on acquisitions, and secure working capital for the growth of the companies. Oriens was founded in 2007 and is based in Budapest, Hungary with additional offices in Warsaw, Poland; Sofia, Bulgaria; Singapore, Singapore; Prague, Czech Republic; and Bucharest, Romania.

ARALON AG is a private equity firm specializing in middle market buyout transactions including management buyouts and buy-ins, growth financing, succession solutions and spin-offs, shareholder replacement, platform strategies for market consolidation over buy and build, cross-border expansion in small and medium sized companies. The firm prefers to invest in mid-cap companies. It makes investments in healthcare, life sciences, manufacturing especially with strong aftersales element, industrial technologies and products and services, business services including logistics, consumer goods and retail, and clean technologies including environment and energy. The firm targets investments in companies based in Eastern Europe, Middle Eastern Europe, Central Eastern Europe, Switzerland, Austria, Germany, bordering the Black Sea Region including Romania, Bulgaria, Ukraine, Turkey, Baltics, Hungary; South East Europe including the countries of the former Yugoslavia, Russia, and Belarus; and the Caucasian Region and selected countries of the former Soviet Union (Commonwealth of Independent States). It makes investments between €3 million ($4.36 million) and €20 million ($29.04 million) in companies with turnover of up to €100 million ($145.19 million). The firm seeks to acquire majority ownership equity up to 100 percent. However, it may also acquire an influential minority stake. The firm prefers to be a lead investor or co-investor with others, especially if equity commitment is more than €20 million ($29.04 million). It typically, invests for a period between three and six years, though sometimes longer. It targets to achieve an annual gross IRR of more than 30 percent. The firm does not invest through third parties and does not pay dividends. ARALON AG was founded in 2005 and is based in Pfäffikon, Switzerland with an additional office in Bucharest, Romania and Egg, Switzerland.

AE Ventures is venture capital arm of Aeternity, specializing in growth capital in seed, startup and early stage companies. The firm prefers to invest in blockchain technology and SaaS. The firm is geography agnostic. AE Venture was founded in 2017 and based in Sofia, Bulgaria.

MFG Invest is the investment arm of MFG, focused on early-stage startups with a primary interest in technology and finance. The firm supports entrepreneurs in Bulgaria and internationally, providing resources, management experience, and technical expertise to help scale sustainable business models.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

startup300 AG is a venture capital firm conceived as a business angel network specializing in start-up, seed and growth capital investments. The firm seeks to take minority stakes and invests in the technology sector. The firm prefers to invest in Germany, Austria and Switzerland as well as the CEE countries (Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Estonia, Latvia and Lithuania). The firm invests between €0.05 million ($0.06 million) and €0.5 million ($0.57 million) in their early stage program and more than €1 million ($1.13 million) in their growth stage program. startup300 AG was founded in 2015 and is headquartered in Linz, Austria.

Investment Advisor of private equity funds Funds under advisory contracts: Romanian-American Enterprise Fund, Balkan Accession Fund and Emerging Europe Accession Fund Most extensive investment experience in the region (+15 years presence, + €250M equity invested) Lower mid-market specialists; Deals ranging from €5M to €15M; funds invested for a 3-7 years term Largest team in SEE, comprising over 15 people, including investment professionals, finance specialists, legal advisers, and support staff. Blend of local and international perspective. Investment experience, expertise and contacts across relevant sectors and industries Full time presence in Romania and Bulgaria

Cogito Capital Partners is Venture capital firm specializing in early stage, emerging growth, late venture & growth capital investments. The firm typically invest in growth of B2B technology companies with investments at series B&C, particularly in enterprise software, fintech, healthcare/healthtech, insurtech, and mobility. The firm seeks to invest in European market with focus on Austria, Belgium, Germany, Luxembourg, Netherlands, Switzerland, Bulgaria, Croatia, Czech Republic, Estonia, Hungry, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine and in the United States. It prefers to invest equity between €2.53 million ($2.75 million) and €15 million ($15.62 million). It acquires minority stakes in its portfolio companies. Cogito Capital Partners was formed in 2018 and is based in Warsaw, Poland with additional offices in Luxembourg, Luxembourg and New York, New York.

Gecad Ventures is a venture capital firm specializing in seed/startup, early stage, expansion phase, and growth capital. It seeks to invest in software and hi-tech companies, including security software, FinTech, cyber security, artificial intelligence, machine learning, virtual reality, augmented reality, IoT, agri-tech, online financial services, financial software, cloud technologies, e-commerce, crypto currencies and payment methods. The firm invests in the Central and Eastern Europe region that includes Romania, Bulgaria, Hungary, Croatia, Serbia, Slovenia, Poland, Czech Republic, Slovakia, Estonia, Lithuania, Latvia, Greece, Montenegro, Bosnia and Herzegovina. The firm typically invests between $1 million and $8 million in equity. It makes balanced sheet and personal capital investments. Gecad Ventures, formerly known as Gecad Group, was founded in 1992 and is based in Bucharest, Romania.

Booster Capital is a private equity firm specializing in middle market, growth capital, buyout and add-on acquisitions investments. The firm seeks to invest in IT services, specialist retail, e-commerce, B2B services, consumer goods, value-added manufacturing, health and wellness. The firm prefers to invest in Central and Eastern Europe, focusing on equity-related investments in SMEs in Romania, Hungary, Bulgaria, Croatia, and Slovenia, with the objective of generating long-term capital appreciation. The firm typically invest between €5 million ($5.44 million), and €15 million ($16.5 million) in a company. The firm seeks to make majority and controlling minority investments in a company. Booster Capital is based in Luxembourg with additional offices in Romania.

Eleven Ventures is an early-stage venture capital firm dedicated to investing in technology companies across Central and Eastern Europe. Their mission is to empower local entrepreneurs to build globally successful businesses by providing strategic support and resources. The firm's name, "Eleven," is inspired by the concept of escape velocity in physics, symbolizing their goal to propel startups beyond regional boundaries into global markets. Eleven Ventures focuses on four key industries: Fintech, Healthcare, Future of Work, and Climate and Sustainability. They have a strong track record of supporting founders in these sectors, with notable portfolio companies such as Payhawk, Enhancv, SMSBump, Ebag, Boleron, Econic, Coursedot, Printivo, Productlead, and A4Everyone. The firm also collaborates with industry leaders, exemplified by their partnership with Visa in the Visa Innovation Program, aimed at nurturing fintech startup talent. Eleven Ventures maintains an active presence on social media platforms, including LinkedIn and Facebook, to engage with their community and share updates.

Co-Creation and acceleration for consumer + enabling technology ventures. Our Partners integrate with founding teams to define the strategy and create the business. We exercise our extensive experience and global network of corporate executives, entrepreneurs and investors to secure partnerships and funding.

Cudos Capital AG is a private equity and venture capital firm specializing in later stage, restructuring, growth capital, growth equity, middle market, buyouts, mid venture, emerging growth, management buy-ins and buyouts, successor issues, mezzanine, and distressed investments. The firm does not invest in real estate and tourism sectors. The firm is industry agnostic but has focus on invest in mechanical and electronic engineering, telecoms, utilities and transportation. It seeks to invest in Dach and CEE regions, Central and Eastern Europe and German-speaking countries with a focus on Poland, Czech, Slovakia, Hungary, Germany, Romania, Slovenia, Bosnia, Croatia, Serbia, Bulgaria, Montenegro, Austria, Southern Germany, Switzerland and selected neighboring countries. It seeks to invest in mid-market, small and medium-sized companies with revenues in the last 12 months, minimum €10 million ($11.46 million) and €100 million ($114.66 million) in sales value. The firm typically invest between euro 1 million ($1.11 million) and euro 8 million ($8.91 million).The firm prefers to have seats in management, supervisory or advisory boards depending on the investment situation. It prefers to have a say in strategic decisions and also the portfolio company in which the firm has invested needs to provide financial reporting to the firm on a regular basis. The firm targets stakes range from qualified minorities to full acquisitions. The firm’s investment period per deal is 5 years. Cudos Capital AG was founded in 2011 and is based in Vienna, Austria

Invenio Partners is private equity and venture capital firm. The firm specializes in growth equity. It prefers to invest in Southeast Europe region. The firm targets investments in companies with annual turnover between €3.0 million ($3.25 million) and €25 million ($27.11 million). Invenio Partners is headquartered in Sofia, Bulgaria.

Oktogon Ventures is venture capital firm specializing in seed/startups, early ventures, bridge financing transactions and growth capital investments. The firm seek to invest in e-commerce software, devops, IT security industries. It seeks to invest in central and eastern Europe, particularly in Bulgaria, Croatia, Romania, Slovenia, Czech Republic, Hungary, Poland, Slovakia, Estonia, Latvia, Tithuania regions. It make investment between 150k ($0.15 million) and $1.5 million. Oktogon Ventures was founded in 2019 and is based in Budapest, Hungary.

VoiVoda Ventures is a venture capital firm specializing in early stages and startups. It prefers to invest in B2B technology companies with focus in mobile, SaaS, cloud, IT, security, enterprise software, and fintech. The firm typically invests in the US, Europe, Latin America, Israel and Asia. The firm prefers to invest in companies looking to raise their first institutional round between $0.5 million to $1.5 million. VoiVoda Ventures is based in the San Francisco, California with additional offices in Glendale, California, Sofia, Bulgaria and Santa Monica, California.

AlfaStar Ventures is a venture capital firm. It specializes in in pre-seed, seed and early growth stage start-ups in both traditional industries like agriculture, industry, manufacturing, supply chain or finance and emerging industries like climatetech, agtech, robotics and automation or fintech, with a focus on AI, machine learning, IoT and big data. It prefers to invest in Bulgaria and the Southeast Europe region. Alfastar Ventures was founded in 2021 and is based in Sofia, Bulgaria.

BlackPeak Capital is a private equity and venture capital firm specializing in early venture, mid venture, mezzanine, small buy-out, inorganic growth through acquisitions and other forms of hybrid capital and growth equity investments. It avoids investments in gambling, logging, animal husbandry, aquaculture and sectors directly backed by the EU such as, fishery agriculture and forestry as well as financial institutions and real estate. The firm also makes follow-on equity and debt raising. The firm is generalist in terms of industry and seeks to invest in small and medium-sized enterprises in niche manufacturing, FMCG, information technology, industrials, and healthcare, e-commerce, professional services, consumer staples, financials, communication, information technology, Utilities, real estate sectors. It prefers to invest in export-oriented companies or companies which have some unique technology, or which are well-positioned on the local market. It primarily invests in the Southeast Europe and European Union with a focus on Romania, Bulgaria, Slovenia, Croatia, Serbia. The firm typically invests between $1.17 million and $12.13 million. The firm takes significant minority or majority stakes. The firm also makes co-investments. The firm exits its investments via trade sale or IPO. The firm invests its own capital. BlackPeak Capital was founded in 2014 and is based in Sofia, Bulgaria with an additional office in Europe.

LAUNCHub Ventures is an early stage venture capital firm looking to back passionate founders since 2012. We invest in Southeast European market and the broader diaspora — founders living and building companies in major tech hubs like Silicon Valley, NY, Boston, London and Berlin. Our initial ticket size is up to €2M with the capacity to follow on in your next funding rounds. We’ve backed 150+ founders across 2 funds and have 9 exits to date.

Rockaway Ventures is a Private Equity and a venture capital firm specializing in Seed to Series A stage startups, early venture, and growth capital investments. The firm seeks to invest in Data Processing and Outsourced Services, Internet Services and Infrastructure, Application Software, Systems Software, Media and Entertainment, Real Estate Services, Retailing, Consumer Services, food and staples retailing, health care technology, financials, retail and e-commerce, travel & hospitality, digital logistics, digital media, cybersecurity, defense, CleanTech, and PropTech. It seeks to invest in Czech Republic, Slovakia, Hungary, Poland, Croatia, Slovenia, Serbia, Kosovo, Romania, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Estonia, Latvia, Lithuania, Macedonia, Montenegro and Switzerland. The firm prefers to take management control. The firm makes equity investments ranging between Euro 1 million ($1.18 million) to Euro 10 million ($11.85 million). Rockaway Ventures was founded in 2013 and is based in Czech Republic. Rockaway Ventures operates as a subsidiary of Rockaway Capital SE.

BrightCap Ventures is an early-stage venture capital firm based in Sofia, Bulgaria, founded in 2018. The firm focuses on investing in global founders who leverage local engineering talent, providing them with entrepreneurial experience and access to an extensive global network. BrightCap Ventures aims to support startups in scaling into Western European and US markets, particularly those in Southeastern Europe. The firm's investment areas include artificial intelligence, big data, medical technology, blockchain, and financial technologies. BrightCap Ventures' first fund achieved notable successes, including four successful exits and one merger, with portfolio companies collectively generating over €70 million in annual recurring revenue. In July 2024, the firm launched its second fund, targeting €60 million, to invest in tech startups focusing on the future of work, digital health, and fintech across Southeastern Europe.

Innovation Capital AD is a private equity, venture capital and accelerator firm specializing in equity and quasi-equity funding to start-ups, seed and incubation investments. The firm prefer to invest in SaaS, marketplace, social media, hardware, IoT, processional services, B2B, B2C, B2G, enterprise software, e-commerce, financial services, education, automotive, transport, logistics, healthcare, entertainment, media, food, FMCG, security, cyber-security. It seeks to invest in Bulgarian companies. The firm seeks to invest ranging from €0.025 million ($0.03 million) and plus via acceleration, €0.05 million ($0.06 million) via pre-seed and up to €1 million ($1.13 million) via seed in equity investment, €0.01 million ($0.01 million) via acceleration, €0.01 million ($0.01 million) and plus via pre-seed and up to €0.1 million ($0.11 million) via seed in revenue. The firm prefer to invest €0.04 million ($0.04 million) via pre-acceleration and plus €0.025 million ($0.03 million) for the top performers during the 9-month post-acceleration. It seeks to invest in minority stake. The firm prefers to exit its investments within two to seven years. Innovation Capital AD was founded in 2018 and is based in Sofia, Bulgaria.

7L Capital Partners is an independent private equity firm active in Southeastern Europe, investing in Communications, Technology and Applications and Branded Goods and Services. Since 2006, 7L Capital Partners has been advising 7L Capital Partners Emerging Europe L.P. a fund focused on Southeastern Europe, including Bosnia & Herzegovina, Croatia, the Former Yugoslavian Republic of Macedonia, Kosovo, Montenegro, Serbia, Slovenia, Bulgaria, Romania, Greece, Turkey and Cyprus.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.